For those looking to get the most from their money we take a closer look at
the latest financial products launched this week.

Household spending power fell in September as consumer income increased at its weakest rate since December 2010.

New figures from Lloyds TSB's Spending Power report show that while families' income increased marginally, by 1.7pc, many households have been faced with the double setback of rising energy bills and higher spending on essential items. This means families are £8 a month worse off than they were a year ago.

For those looking to get the most from their money we take a closer look at the latest financial products launched this week.

Mortgage rate cut

HSBC has dropped the cost of its two-year fixed-rate mortgage to 2.44pc. It is available to those buying a property or remortgaging, provided that they have a minimum deposit of 40pc. The loan comes with a booking fee of £1,499 and has an early repayment charge of 2pc in the first year and 1pc in the second year.

VerdictYorkshire Building Society's two-year fixed rate loan charging 2.64pc is a better deal thanks to its lower fee of £995, according to figures from Moneysupermarket.com. For instance, on a mortgage of £150,000 you would pay in total £17,400 over the two-year term, compared with £17,540 with HSBC. Yorkshire also requires only a 25pc deposit.

VerdictThis is a competitive rate for an easy access account, so is worth a look. "While the rate may be lower, this offering is more straightforward than the previous issue, with no bonus or withdrawal restrictions," said Susan Hannums of SavingsChampion.co.uk.

As one Isa rate rises . . .

After raising the rate on its Isa last week, Virgin Money has also increased the interest paid on its new three-year fixed-rate bond from 3.3pc to 3.5pc.

The account can be opened with £1 in branch or by post (an online version is also available at the same rate). No withdrawals are allowed during the fixed-rate period. For further information visit uk.virginmoney.com or call 0845 607 6991.

Verdict With so many providers reducing their rates it makes a refreshing change to see a rate that is increasing.

The new rate is highly competitive and the account is accessible, as it has a low opening balance and is available through branches, by post or online.

. . . another one falls

Marks & Spencer Bank will reduce the rate on its variable cash Isa from 3pc to 2.75pc from December 11. The cut will affect both new and existing customers. The account can be opened with £100, or £25 per month by direct debit, and can be operated online, by telephone or by post.

Verdict Most savings rate cuts have affected only new customers and there are concerns that others will follow M & S's lead. While the rate is broadly competitive, it can be beaten elsewhere.

More Isa notice needed

Nationwide has launched new 90-Day Saver and 90-Day Isa products as replacements for its 75-Day Saver range.

The new accounts both pay 2.5pc, which is the same rate as the 75-day products, but obviously the notice period has been extended. The accounts can be opened with £1,000, in branches only.

Those taking their money out without sufficient notice will lose interest. The account is also available through Cheshire, Dunfermline and Derbyshire Building Societies, all part of Nationwide.

VerdictMs Hannums said these rates weren't uncompetitive for a branch-based account, but savers could get more than 3pc if they were prepared to open an online or postal account.